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Insurance UK

  • January 25, 2018

    UK Watchdog Losing Key Staff Before GDPR, Chief Warns

    The U.K. data regulator has lost vital employees to the private sector as the clock ticks down to the introduction of the European Union’s information protection regime in four months, a senior official warned Thursday.

  • January 24, 2018

    EU Lawmakers Raise Concerns Over Supervisory Revamp

    European lawmakers said Wednesday that moves to strengthen the European supervisory agencies should not relegate national regulators to “second-class citizen” status, as they debated proposals to overhaul the EU’s legal supervisory framework.

  • January 24, 2018

    Travelers Can't Skirt Claim For Printing Press Failure

    A High Court judge has rejected a bid by Travelers Insurance Company Ltd. to avoid paying damages to a Manchester-based print firm over the failure of a printing press in April 2013, ordering the insurer to pay the firm more than £800,000.

  • January 24, 2018

    Insurers Seek Discount Rate Reform As Motor Premiums Soar

    U.K. insurers urged the government on Wednesday to reform compensation calculators “as quickly as possible” and to clamp down on bogus claims for whiplash injuries after motor premiums hit a new high of £481 ($684) in 2017.

  • January 24, 2018

    Hurry Up And Legislate For GDPR, EU Chides Member States

    The European Union ordered member states on Wednesday to swiftly implement its impending data protection regime, warning that just two countries have so far adopted the necessary domestic legislation with four months to go.

  • January 24, 2018

    UK Banks To Get Only Partial EU Equivalence, Minister Warns

    U.K. banks, insurers and other financial services will not have full regulatory equivalence with the European Union's rulebooks after Britain leaves the bloc, the government's top Brexit negotiator said Wednesday.

  • January 24, 2018

    MPs Launch Carillion Pension Inquiry, Turn Heat On Auditors

    U.K. lawmakers said Wednesday they had started investigating how Carillion PLC collapsed with a £587 million ($829 million) pension scheme deficit, and accused the contractor of paying more in dividends during 2016 than it contributed to the troubled savings plan.

  • January 23, 2018

    Clarify Brexit Stance For Financial Services, Lawmaker Says

    The U.K. government should end “chronic” uncertainty surrounding the financial services sector's future by outlining the kind of regulatory deal the country will seek for the industry during Brexit negotiations, the head of Parliament's Treasury Committee said Monday. 

  • January 23, 2018

    British Pension Scheme ‘Mastermind’ Told To Repay £14M

    A U.K. High Court judge on Tuesday ordered that the "mastermind" behind a so-called pensions liberation scheme that misappropriated retirement savings worth around £13.75 million ($19.2 million) from hundreds of members of occupational pension schemes must repay the savers.

  • January 23, 2018

    Cyberattack On Cloud Provider Could Cost $15B, Lloyd's Says

    A major cyberattack on a U.S. cloud provider could inflict $15 billion worth of economic losses, the majority of which would be uninsured, Lloyd’s of London warned in a report released on Tuesday.

  • January 23, 2018

    UK Court Clarifies ‘Fundamental Dishonesty’ In Olympics Case

    London's High Court has offered fresh clarity to insurers battling spurious claims by detailing the test for judges seeking to reject “fundamentally dishonest” personal injury claims in a dispute stemming from the 2012 Olympics.

  • January 23, 2018

    FRC Fines Auditing Firm £700K For Quindell Misconduct

    The Financial Reporting Council said on Tuesday that it has fined a U.K. auditing firm £700,000 ($978,500) and reprimanded it for misconduct when working on the accounts of U.K. insurance and technology provider Watchstone Group PLC, formerly known as Quindell.

  • January 22, 2018

    SFO Front-Runner Takes Promotion At Kingsley Napley

    A veteran Kingsley Napley LLP white collar crime lawyer who was seen as a candidate for the next head of the Serious Fraud Office will stay at the firm after being promoted to senior partner effective May 1, the firm said on Monday.

  • January 22, 2018

    UK Insurers Face 175% Levy Hike For Compensation Scheme

    General insurers may have to pay 175 percent more in total levies to the U.K.’s bankruptcy compensation scheme in the levy year starting in July than they did the previous year, the scheme revealed Friday in its latest budget plans.

  • January 22, 2018

    Pensions To Face More Scrutiny On Fee Reduction Requests

    The U.K. state-backed pension compensation fund has ramped up the scrutiny it applies before agreeing to reduce the levies that schemes pay to help support the service, the fund's executive director said Friday.

  • January 22, 2018

    UK Judge Calls Out RSA Insurance For Not Using Plain Terms

    A U.K. High Court judge on Friday sided with a pool company seeking to claw repair costs back from RSA Insurance Group under two policies of indemnity insurance, calling the insurer’s wording in the contracts “ambiguous” and difficult to interpret.

  • January 22, 2018

    BT Loses Suit Aiming To Change Pension Calculations

    British Telecommunications PLC is considering an appeal after a judge prevented the company from changing the way it will increase future annual payouts to 83,000 members of its pension insurance scheme.

  • January 19, 2018

    Ogden Rate Change Drove Up Car Insurance In 2017

    U.K. motorists are paying on average £60 ($83) more than last January for their car insurance, though surging prices tailed off in the last quarter of 2017 after the government promised to reform compensation calculators, data released Monday reveals.

  • January 19, 2018

    Lloyd's, SFA End $64M Dickstein Malpractice Coverage Row

    The Ninth Circuit on Tuesday dismissed a dispute between Lloyd's of London and SFA Group over responsibility for a $64 million malpractice judgment against a former Dickstein Shapiro lawyer, at the request of both parties.

  • January 19, 2018

    UK Litigation Roundup: Here's What You Missed In London

    The last week has seen a dispute between a Dubai commodities trading firm and a foreign exchange trader, a contract suit against the Bank of Georgia, and a Swiss asset manager sue retailer L.K. Bennett, its founder and its former private equity owners. Here, Law360 looks at those and other new claims in the U.K.